Question 25 1 pts If the auditor intends to assess control risk at a low level, O he or she performs more testing than if he or she is planning to obtain only limited assurance from tests of controls. O he or she performs less testing than if he or she is planning to obtain only limited assurance from tests of controls. o he or she performs the same amount of testing if he or she is planning to obtain only limited assurance from tests of controls. o he or she performs more testing than if he or she is planning to obtain unlimited assurance from tests of controls. Question 21 1 pts An auditor asking the employee who prepares the bank reconciliation how reconciling items are identified would be an example of inquiry. reperformance. observation statistical testing. Question 22 1 pts Important information obtained through inquiry should be corroborated with other evidence. should be forwarded to the client's legal counsel for review. should be disregarded if it contradicts management's statements and intentions should be used in isolation. Question 20 1 pts Which of the following controls are designed to prevent misstatements from happening (prevent controls) and/or correct misstatements on a timely basis (detect controls)? Internal controls. External controls Entity-level controls Transaction-level controls. Question 23 1 pts A common software-based audit technique involves submitting certain test data into the client's software application while the auditor is in control of the software. O requesting management complete flowcharts and questionnaires related to the audit. allowing the internal auditors access to the external auditor's software application in order to assist with the audit. deleting client files and transactions to ensure that the client's software appropriately alerts the correct staff. Question 24 Question 18 1 pts Which of the following should be done by the auditor if tests of controls indicate that a key control is not functioning as designed? Increase the assessed level of control risk. Increase the level of assessed detection risk. Stabilize the nature, timing, and extent of substantive tests related to the assertion Rely on external controls. Question 19 1 pts